Business
Asure Announces Third Quarter 2020 Results
AUSTIN, Texas, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Asure (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions,
About this update from Asure Software Inc
[{"type":"text","content":"AUSTIN, Texas, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Asure (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, reported results for the third quarter ended September 30, 2020.\n “Small-business new bookings grew more than 100% year-over-year in the third quarter, revenue was better than expected, and we generated free cash flow. While these positive results were helped by the gradual improvement in economic conditions, specifically higher employment levels and increased business activity, we also onboarded high-caliber sales reps sooner than expected and they quickly became productive. Although the COVID-19 pandemic continues to impact our top line, resulting in unfavorable year-over-year comparisons, as an essential small business, Asure remains committed to helping our 50,000 indirect and 10,000 direct small-business customers grow in this challenging environment,” said Chairman and CEO Pat Goepel. Third Quarter 2020 Key HCM Highlights HCM revenue of $16.0 Million, above consensus of $14.6 MillionNon-GAAP EBITDA of $1.0 Million, above consensus of $0.9 MillionFree cash flow of $1.4 MillionSmall-business HCM bookings increased more than 100% year-over-yearSales reps increased to 64 from 33 at beginning of yearCOVID-19 Resource Center and webinars benefited tens of thousands of small-businesses attendees since launch Financial Summary For the three months ended September 30 In thousands, except per share data 2020 2019 Change (%) REVENUE GAAP Revenue (HCM) $16,015 $17,854 -10% GROSS PROFIT GAAP Gross Profit (HCM) $9,073 $10,768 -16%GAAP Gross Margin (HCM) 56.7% 60.3% -6%Non-GAAP HCM Gross Profit $10,290 $11,634 -12%Non-GAAP HCM Gross Margin 64.3% 65.2% -1% EARNINGS GAAP Net Income (Loss) $(4,759) $(5,624) NM Non-GAAP Net Income (Loss) $(466) $(1,025) NM GAAP Net Income (Loss) per share $(0.30) $(0.36) NM Non-GAAP Net Earnings (Loss) per share $(0.03) $(0.07) NM EBITDA Non-GAAP HCM EBITDA $985 $3,036 -68%Non-GAAP HCM EBITDA Margin 6.2% 17.0% -64% Notes: *Free cash flow calculated as cash from operations less purchase of property plant and equipment as well as capitalized software*Loss from continuing operations. With the sale of the Workspace Management division on December 2, 2019, Asure has classified this business line as discontinued operations for the fiscal year 2019. As a result...